Pre-market: Sensex may slip on global cues
In Asia, Hang Seng and Shanghai down 1-2%
The markets are likely to drift lower in today’s trades in line with global markets.
US stocks fell for the third straight day on Tuesday due to uncertainty stemming from the political stalemate in Greece. The Dow Jones industrial average lost half a percent to 12,632. The Standard & Poor’s 500 Index lost 0.57 percent to 1,331.
Asian stocks also lost ground on Wednesday as a fallout of the European situation. The Nikkei was down 0.64 percent, Hang Seng had lost 2.3 per cent and Singapore was down 0.5 per cent at about 8:10am Indian Standard Time.
For the Nifty today, technical analysts suggest that it is likely to seek support around 4,875, while it faces resistance at 4,975, both points could make stop losses for directional trades. Breakouts could go till 5025 or 4825.
At 8:10 am Indian Standard Time, the SGX Nifty was trading down 60 points at 4,874.
The pharma industry may attract some interest as the department of pharmaceuticals has proposed that FIPB continues to clear foreign acquisitions and end the uncertainty for domestic pharma companies.
The Bharti stock will continue to remain under pressure due to the Enforcement Directorate investigation. Also keep a tab on Dish TV, Edelweiss Financial and JK Lakshmi Cements as they will announce their March quarter results today.